Emerging Markets Property Group (EMPG), the parent company of UAE-based real estate portal Bayut.com, has announced that it has closed $50 million investment.
Half of the funds will be deployed in the UAE with a focus on "further consolidation", said Haider Ali Khan, the CEO of Bayut.com.
In addition to Bayut.com in the UAE, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, and recently announced its acquisition of Mubawab in Morocco.
Haider Ali Khan, the CEO of Bayut.com, added: “The remaining funds will be used to further strengthen EMPG’s leading position in its other markets.”
Together, these portals generate over 2 million leads for their clients every month, he said.
“EMPG’s growth has been comprehensive across all metrics, on the back of some of the world’s most advanced digital real estate platforms developed by our R&D teams,” said Group CEO Imran Ali Khan.
“With a compounded annual revenue growth rate of over 100 percent over the last five years, more than 15,000 real estate agencies, and 8 million plus monthly visits across our portals, EMPG is ideally positioned for regional dominance,” he added.
EMPG has raised a total of $60 million in its four previous rounds, and the current round is its largest yet, bringing the grand total to $110 million.
The group has presence in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania with over 1,500 employees.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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